Mismatch with the age and name in insurance policy
One of my family member's policy details has mismatch details with aadhar details? Will be there any issues with claim procedure? Any claim rejection? Please help
Very pertinent question. Let me explain this by an example.
If the customer name is Venkat Nagesh Kumar (assuming here that Nagesh is his father's name and he's culturally using father's name as his middle name), his aadhar may carry the name Venkat Nagesh Kumar, Venkat Kumar, Venkat Kumar N, Venkat N Kumar or V N Kumar. This is how generally people do it. Now say, it's mentioned as Venkat Kumar in aadhaar, and in the policy the name is mentioned as V Kumar or Venkat Nagesh Kumar, it may go through. But if it is V N Kumar, then it can raise suspicion because the name as per KYC document hints towards 2 words in the name, but in the policy, the abbreviated name seems to have 3 words.
Generally, when we look at claims, there are 4 instances of customer name - Name on KYC document, name in the policy, name in the medical documents/bills and name printed in the bank statement/cheque. Establishing consistency of identity of the customer across these 4 documents is essential.
Lack of consistency may complicate your ability to get payment of claim, however, it does not lead to claim rejection. As a seasoned claim professional I can tell you, if there are inconsistencies in names and customer makes some wrong steps in the claim process, claim can get stuck indefinitely.
Long story short, if you can reply with the name of your relative in policy and aadhaar, I can quickly give you my opinion.
Thanks sir for your reply. Your answer is very clear and there's extra A letter in kyc document. Will it a problem?
Also what's your thoughts on DOB because age factor is very essential in case of insurance claim. In my case, our relative has 2 years difference with kyc document, can I change it when I renew the policy?
Glad that you find the information useful Jayashankar.
I am still not able to guess how the name thing will impact. I understand public platform may not be feasible for sharing name. Could you drop me an email on email@example.com with more information.
Age difference in kyc docs and insurance policy CAN lead to claim rejection. You don't need to wait till policy renewal.
Write a letter or email to insurer, requesting for change in DOB. They will definitely make some checks, as in they'll ask you to explain why there is difference and what is your evidence for correct DOB. It's procedural, don't worry.
Take an acknowledgement from office when you submit your request. Eventually once changes are accepted, your insurer will issue an 'endorsement' letter with the changes. Until you get the letter or email, you don't have proof that the changes have been accepted.
Thanks sir for your reply. It was well written, thanks again. Like this, are there any other details we should be careful to be consistent which can lead to claim rejection due to mismatch details? Thanks in advance.